we're expecting the eurozone economy to contract another 10.2% this year. that's not that far away from the consensus. we expect that you get continued divergence within the eurozone and germany, which had a very soft patch at the end of the last year is picking up and that's supported by the pmi data whereas other economies in europe are stag nating or weakening. >> wouldn't it be easier if they were all stag nating or weak? even if germany is weak, the central bank can come in and say we have to be more accommodating. but if they're holding in okay, that puts more of the onus on the periphery or even france, that means the economies would like more saurt and might not get it. >> but this divergence in europe is part of the recovery process. germany needs to see stronger than after growth at other countries effectively deflate in order to get these big imbalances to reverse over time. and that's really part of the recovery process. we don't think that the european economy itself needs to be strong for european equities to perform well. let's face it, last